Google is set to permit advertisements for U.S.-based crypto trusts starting January. This change aligns with the anticipated approval of spot Bitcoin exchange-traded funds (ETFs) in the same month within the United States.
The tech giant announced an update to its cryptocurrency ad policy on December 6th. The revised policy, effective January 29, 2024, will allow advertisements targeting the United States related to “Cryptocurrency Coin Trusts.”
Cryptocurrency coin trusts, outlined as financial products enabling investors to trade shares in large digital currency pools, including ETFs, are encompassed within this allowance.
However, Google emphasizes adherence to local laws in targeted areas and expects advertisers to obtain certification. This includes possessing relevant local licenses and ensuring compliance with legal requirements in the targeted country or region.
Google’s existing policy already permits advertising for certain crypto products but prohibits ads for crypto or nonfungible token (NFT)-based gambling platforms, initial coin offerings, decentralized finance protocols, and trading signal services.
This policy shift coincides with Bloomberg’s ETF analysts predicting a 90% likelihood of a U.S. spot Bitcoin ETF approval by January 10, 2024. Multiple pending applications might receive approval simultaneously.
While 13 Bitcoin ETF applicants are awaiting approval, detailed information about their processes remains limited. Several prominent fund managers, including BlackRock, Grayscale, and Fidelity, reportedly engaged with the U.S. Securities and Exchange Commission, discussing fundamental technical aspects of their ETF proposals.
This development aligns with the crypto market’s optimistic outlook, with Bitcoin surging nearly 74% in the past 90 days. Analysts anticipate the potential for a new all-time high in 2024, fueling expectations surrounding impending ETF approvals.
